Trinity Mirror's new boss Simon Fox has begun his tenure with an overhaul of the firm's management structure.
The aim is for a flatter, more efficient management structure, which Fox, who recently joined from HMV, said would tap into "unrealised potential".
"What has become clear in my first few weeks is that realising this potential requires a flatter and more efficient management structure that connects strategic decision making more closely with the journalistic heart of the business," he said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The firm said its Nationals and Regionals divisions would be combined under one management structure.
This would ensure that editorial, advertising and support functions could operate as effectively as possible across all of the group's print and digital publishing operations, it said.
This would enable an accelerated rollout of digital products across its portfolio to drive revenues, the company added.
The consolidated publishing operations will be managed by Mark Hollinshead, who has been appointed to the newly created position of Chief Operating Officer and as an Executive Director of Trinity Mirror.
Digital product development and the firm's specialist digital businesses, including recruitment, property and digital marketing services, will now be separately managed and report directly into the CEO.
The group's contract printing operations will also be managed in this way.
The new management structure means the end of the road for Georgina Harvey, Managing Director - Regionals and Nick Fullagar, Director of Corporate Communications, who will be leaving the business.
The group also said it was trading in line with expectations, while announcing its intention to close Happli, its recently launched daily deals business.
The firm said this was because the business was unlikely to reach sufficient scale to become profitable in the near term.
-
'As AGMs go digital, firms must offer a new form of scrutiny for shareholders'Opinion Technology has rendered big AGM meet-ups obsolete, but the board still needs to be held to account, says Matthew Lynn
-
Nationwide cuts rates on 16 popular savings accountsNationwide Building Society says the move is due to the February Bank of England base rate reduction
